GE Aerospace buys Cleveland-based castings maker CPP

The $11.75 billion deal covers castings and sub-assembly manufacturer Consolidated Precision Products, adding capacity for commercial engine and defence production.

GE Aerospace has signed an agreement to acquire Consolidated Precision Products (CPP), a manufacturer of engineered castings and sub-assemblies, from private equity firms Warburg Pincus and Berkshire Partners in a deal valued at $11.75 billion.

The transaction will be financed with $7 billion in cash and the remainder in new debt, and values CPP at around 18 times 2027 EBITDA including expected net synergies. GE Aerospace has been a CPP customer for more than fifteen years, and the deal is intended to expand casting capacity across commercial engines, aftermarket and defence programmes.

Headquartered in Cleveland, Ohio, CPP manufactures investment and precision sand castings in superalloy, titanium, aluminium, magnesium and steel for commercial and military aircraft, weapon systems, business jets, helicopters and industrial gas turbines. Founded in 1991, the company employs around 6,600 people across more than 20 facilities worldwide.

GE Aerospace chairman and chief executive H. Lawrence Culp, Jr., says: “Investing in mission-critical casting capacity is needed to support the strong simultaneous demand across commercial engines, aftermarket and defense.”

CPP chief executive James Stewart adds: “GE Aerospace has been a great partner to CPP for many years, and we are excited to further strengthen this long-standing relationship.”

The acquisition is expected to close in the second half of 2027, subject to regulatory approvals and other customary closing conditions, and is expected to be accretive to adjusted earnings per share and free cash flow in its first year, with no change to GE Aerospace’s capital allocation plans. Warburg Pincus and Berkshire Partners are advised on the sale by Morgan Stanley, Guggenheim Securities and Cleary Gottlieb, while GE Aerospace is advised by Evercore, PJT Partners and Paul, Weiss, Rifkind, Wharton & Garrison.